Bankruptcy for the family farmer in the United States
Prof. dr. Margaret Rosso Grossman
A. INTRODUCTION
American farmers have been troubled, particularly in recent years, by a frustrating
combination of rising debt levels, declining land values, and uncertain commodity
prices. The drought in many areas during Summer 1988 has meant increased
financial uncertainty, despite federal legislation that provides help to some farmers.1
Some American farmers have become insolvent and have sought protection from
the pressures of creditors. Unlike many other nations, the United States has bankruptcy
laws that allow individuals
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who are insolvent or who have significant debts
to receive a discharge from their debts under certain conditions.2 Although farmers
have long been the beneficiaries of special provisions, the federal Bankruptcy Code
as it existed until 1986 represented an inadequate lifeline for many farmers trying
to stay afloat in troubled times.
In 1986, the United States Congress passed a law titled 'Chapter 12 - Adjustment
of Debts of a Family Farmer with Regular Annual Income.'3 The new Chapter 12
provisions represent a significant change in the options available to American farmers
with excessive debt. Although other forms of bankruptcy continue to be
available to farmers, Chapter 12 offers a simplified and advantageous procedure.
This article will outline the provisions available to farmers prior to the enactment
of Chapter 12, and suggest some of the reasons those provisions were inadequate.
This article will also explore the options available to farmers under the new law, and
analyze the effects of the new provisions.
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